مشخصات مقاله:
عنوان فارسی مقاله:
کمیته های سرمایه گذاری و دارایی های نقدی شرکت
عنوان انگلیسی مقاله:
Investment committees and corporate cash holdings
کلمات کلیدی مقاله:
کمیته سرمایه گذاری، نگهداری پول نقد، شورای همکاری خلیج فارس، مالکیت نهادی و خارجی
مناسب برای رشته های دانشگاهی زیر:
حسابداری
مناسب برای گرایش های دانشگاهی زیر:
حسابرسی
وضعیت مقاله انگلیسی و ترجمه:
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فهرست مطالب:
Abstract
Keywords
JEL
1. Introduction
2. Background and institutional setting
3. Literature and hypotheses development
3.1. Experience of IC members and cash holdings
3.2. Institutional ownership, corporate cash holdings, and ICs
3.3. Financial crisis, corporate cash holdings, and ICs
4. Research design
4.1. Data and sample
4.2. Variable measurement
4.2.1. Dependent variable: proxy for cash holding
4.2.2. Independent variables
4.2.3. Control variables
4.2.4. Empirical model
5. Results
5.1. Descriptive statistics
5.2. Regression analyses
5.2.1. Association between IC and corporate cash holdings
5.2.2. IC characteristics and firm cash holdings
5.2.3. ICs, institutional ownership, and corporate cash holdings
5.2.4. ICs, the global financial crisis, and corporate cash holdings
5.3. Robustness analyses
5.3.1. Association of cash holdings and IC characteristics
5.3.2. Generalized method of moments (GMM) regression
5.3.3. Two-stage least squares (2SLS) regression
5.3.4. Effect of oil crises
5.3.5. Additional measure of local and foreign institutional ownership
5.3.6. Propensity score matching (PSM) procedure
6. Conclusions
Acknowledgement
Appendix.
References
قسمتی از مقاله انگلیسی:
Abstract
We investigate the association between the voluntary formation of a board investment committee (IC) and corporate cash holdings for a large sample of Gulf Cooperation Council (GCC) firms over the 2005–2013 period. We provide evidence that the existence of a specialized IC increases corporate cash holdings. We also find that several IC characteristics, i.e., member experience, independence, number of meetings, and committee size, are associated with an increase in firms’ cash holdings. Furthermore, the local and foreign institutional ownership of GCC firms moderates the IC-cash holdings relationship. These results remain robust to alternative specifications of cash holdings and endogeneity tests. We contribute to the literature on firms’ incentives to hold cash and to the literature on governance in emerging market contexts.
1. Introduction
We investigate the association between the voluntary formation and characteristics of a board investment committee (hereafter IC) and corporate cash holdings. Delegating specific board functions to distinct committees facilitates the monitoring and specialization of board functions (Spira and Bender 2004). Prior studies (Subramaniam, McManus, and Zhang 2009, Al‐Hadi, Hasan, and Habib 2016) indicate that the existence of a board investment committee can ensure credible communication about and effective oversight of organizational risk management strategies and investment-related policies and processes. Yoder (2011) maintains that ICs provide critical oversight and expertise in the investment decision-making process (Ellis 2011). Hoskisson et al.